Bitcoin price has done it and made a higher high, setting a new all-time high record above $65,000 according to several exchanges and the TradingView BTCUSD Index.
What exactly does this mean for the first-ever cryptocurrency and the current market cycle? Read on to find out.
The number one ranked cryptocurrency by market cap has just set another major milestone, and proven to the market that the bull cycle isn’t yet finished. It also means that the April 2021 “top” was nothing more than a mid-cycle pullback before the coin reached its final destination target closer to $100,000 or higher.
Related Reading | Bitcoin “Supertrend” Begins As Buy Signals Stack On All Major Timeframes
Targets for the cryptocurrency reach as high as several hundred thousands per coin at the conclusion of this cycle. Future estimates have reached as much as $10 million per BTC based on the stock-to-flow model.
The recent Bitcoin ETF approval ended any second guessing or speculation over whether or not the bull market had ended, or if a bear market had began. Bear markets don’t have dead cat bounces that lead to new all-time highs. The higher high also keeps the uptrend in tact by the pure definition of the term.
There you have it, folks: A new all-time high is set. Where does it end? | Source: BTCUSD on TradingView.com
Technicals have suggested this push higher was coming. The monthly Bitcoin RSI is back in the bull zone, and most other technical indicators are leaning bullish on high timeframes. What has thrown many market participants off, has been an overheated technical picture on the daily that is heavily dominated by the higher timeframe signals.
Related Reading | Bitcoin Price Prepares To Blast Off Back Into RSI “Bull Zone”
With no resistance above, the market will be less likely to sell or go short, because there is no telling how high Bitcoin price could go from here. Each successive peak will cause the same wide-sweeping question if the top is in, until it is.
This could make for a final leg up that moves faster than most are expecting, with very few or limited pullbacks to buy in. What’s worse, is that the final leg of a bull run usually does mean a bear market is coming, and is due to arrive the moment the actual peak is in.
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